According to Standard Chartered’s Global Focus 2026 report, Morocco’s economy is poised for a solid growth rate of 4.5% in 2026.
This positive outlook is supported by a credible macroeconomic framework and strong performance in non-agricultural sectors, even as the global environment faces significant challenges like trade slowdowns and geopolitical tensions.
The report, released on Tuesday, January 6, 2026, anticipates a global economic growth rate of 3.4%. For Morocco, this international context is vital because the nation’s economic health is closely tied to external demand and investment flows. Standard Chartered analysts noted that Morocco enters 2026 in a relatively favorable position following an estimated 4.8% growth performance in 2025—the country’s strongest since the pandemic.
Key drivers for this continued momentum include accelerated public and private investments, particularly those linked to major infrastructure projects for the 2030 World Cup. Additionally, the services and industrial sectors are expected to remain robust. Household consumption will likely be bolstered by ongoing disinflation, while stable remittances from Moroccans living abroad and strong tourism revenues provide further stability against external uncertainties.
However, the report also identifies specific vulnerabilities that could affect this trajectory. A rainfall deficit at the start of the current agricultural season remains a concern for sector recovery, and the current account deficit could widen to 2.5% of GDP due to increased imports of capital goods. Potential social tensions are also cited as a factor that could influence the pace of upcoming structural reforms.
Despite these risks, Standard Chartered maintains that Morocco’s fundamentals remain healthy. The government is aiming for a budget deficit of 3.0% of GDP in 2026 as part of its fiscal consolidation strategy. Meanwhile, Bank Al-Maghrib is expected to keep the key interest rate at 2.0% as it prepares to transition to a more flexible inflation-targeting regime by 2027.
MK/Sf/fss/abj/APA